Fintech start-up Crypteriumand mobile payments company Liquid Group are working together to expand the practical use of cryptocurrencies. The partnership will enable Crypterium App users to make instant crypto-to-fiat payments via QR codes at merchants.
Crypterium, a blockchain-based start-up that aims to make it easy to pay with cryptocurrencies in everyday situations, is partnering with Liquid Group to pilot cryptocurrency-to-fiat payments and promote wider usage of cryptocurrencies for payment transactions.
Liquid Group operates a regional payment acceptance network for QR mobile payment apps and merchants. A separate entity will be set up under Liquid Group to focus on the development and operations of a parallel payment acceptance network, dedicated to cryptocurrencies. This will be the world’s first open platform facilitating immediate QR payment for cryptocurrency users.
Cryptocurrency owners and buyers will see more practical use of their tokens through this initiative and be able to make immediate payment transactions at traditional merchants with cryptocurrency. Participating merchants will continue to receive payments in fiat currency.
The technology for this initiative will initially be rolled out in a controlled test environment in Singapore, to allow the partners to assess and where possible, augment specific technological implementation areas, such as end-to-end transaction speed management, as well as interoperability between multiple cryptocurrencies.
“We are very excited about this partnership as it allows us to expand the use of crypto in everyday life to Singapore that works towards becoming an innovative electronic payments country,” says Austin Kimm, COO at Crypterium. “Consumer interest towards cryptocurrency is also growing every day, thus we believe the option we offer will help merchants to maximise productivity and business outcomes by engaging with a high potential group of customers,” – he adds.
“We are glad to work with Crypterium to be the first in launching an interoperable cryptocurrency payments network,” says Jeremy Tan, CEO at Liquid Group. “We will be working very closely with our service partners and regulators to make the pilot a success.”
